Fifth Third Bancorp Grows Holdings in Align Technology, Inc. $ALGN

Fifth Third Bancorp increased its holdings in shares of Align Technology, Inc. (NASDAQ:ALGN) by 292.2% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 22,039 shares of the medical equipment provider’s stock after purchasing an additional 16,420 shares during the period. Fifth Third Bancorp’s holdings in Align Technology were worth $3,778,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently bought and sold shares of ALGN. Sequoia Financial Advisors LLC raised its stake in Align Technology by 320.1% during the 4th quarter. Sequoia Financial Advisors LLC now owns 7,986 shares of the medical equipment provider’s stock valued at $1,247,000 after acquiring an additional 6,085 shares during the last quarter. Northwestern Mutual Wealth Management Co. lifted its position in Align Technology by 35,513.8% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 545,604 shares of the medical equipment provider’s stock worth $85,196,000 after acquiring an additional 544,072 shares during the period. Polianta Ltd purchased a new position in shares of Align Technology in the 4th quarter valued at approximately $1,623,000. Wealth Enhancement Advisory Services LLC grew its stake in shares of Align Technology by 63.0% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 25,343 shares of the medical equipment provider’s stock valued at $4,282,000 after purchasing an additional 9,792 shares during the last quarter. Finally, Hunter Perkins Capital Management LLC increased its holdings in shares of Align Technology by 383.1% in the fourth quarter. Hunter Perkins Capital Management LLC now owns 43,842 shares of the medical equipment provider’s stock valued at $6,846,000 after purchasing an additional 34,767 shares during the period. 88.43% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on the company. Evercore upped their price target on Align Technology from $200.00 to $220.00 in a research note on Thursday, April 30th. BMO Capital Markets began coverage on shares of Align Technology in a research report on Wednesday, July 8th. They issued an “outperform” rating and a $209.00 price objective on the stock. Morgan Stanley boosted their price objective on shares of Align Technology from $169.00 to $188.00 and gave the company an “equal weight” rating in a research note on Friday, April 24th. Piper Sandler upped their price objective on shares of Align Technology from $220.00 to $235.00 and gave the stock an “overweight” rating in a research report on Tuesday, April 21st. Finally, Weiss Ratings upgraded shares of Align Technology from a “hold (c-)” rating to a “hold (c)” rating in a research note on Friday. One investment analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and six have issued a Hold rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $206.07.

Align Technology Price Performance

Align Technology stock opened at $176.76 on Monday. The stock’s 50 day moving average price is $172.30 and its 200 day moving average price is $174.60. Align Technology, Inc. has a 1-year low of $122.00 and a 1-year high of $208.30. The company has a market cap of $12.66 billion, a PE ratio of 29.66, a price-to-earnings-growth ratio of 1.81 and a beta of 1.67.

Align Technology (NASDAQ:ALGN) last released its quarterly earnings data on Wednesday, April 29th. The medical equipment provider reported $2.58 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.26 by $0.32. Align Technology had a return on equity of 15.82% and a net margin of 10.50%.The firm had revenue of $1.04 billion during the quarter, compared to analysts’ expectations of $1.02 billion. During the same quarter in the prior year, the business posted $2.13 earnings per share. Align Technology’s revenue was up 6.2% compared to the same quarter last year. On average, equities research analysts anticipate that Align Technology, Inc. will post 9.48 EPS for the current fiscal year.

Align Technology announced that its board has initiated a share buyback plan on Wednesday, April 29th that authorizes the company to buyback $200.00 million in shares. This buyback authorization authorizes the medical equipment provider to repurchase up to 1.6% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s management believes its shares are undervalued.

Align Technology Company Profile

Align Technology, Inc (NASDAQ: ALGN) pioneered the use of digital technology in orthodontics through the development of the Invisalign system, a series of clear, removable aligners that provide an alternative to traditional metal braces. Since its founding in 1997 by Zia Chishti and Kelsey Wirth, the Tempe, Arizona–based company has expanded its focus to include intraoral scanners, CAD/CAM software for dental laboratories and comprehensive digital dentistry solutions.

The company’s signature Invisalign system leverages 3D imaging and computer-aided design (CAD) to create customized aligners that gradually reposition teeth, improving patient comfort and treatment predictability.